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, jack lew, to be his next treasury secretary. outgoing treasury secretary tim geithner should be there also. >> spearing tough fiscal fights with congress and his choice is raising questions about how independent the new treasury chief will be from the white house. steve liesman taking a close are look at this. steve, how independent are they and when they get too independent as paul o'neill did, they get fired. >> very good point. one is how much independence they exercise in office but the other is the chief criticism of jack lew so far is how much independence he brings to the job before he takes the office. the issue is when you think about the past seven treasury secretaries they've all come to the office in their resume with a bit of intendens, which leads you to something other than politics at the white house. let's go through it now. lloyd benson back in 1939 appointed by clinton, he was politically right of center of president clinton. that was the one thing. robert rubin came from goldman sac sachs. it was something other than political. larry summers, appointed by
of these signatures say the same thing. they both belong to treasury secretary tim geithner, who by virtue of being treasury secretary is also the guy who gets to sign our money. when mr. geithner became treasury secretary, he changed his signature. he changed it from the rather lovely loop deloops on the left to the fifth grader's cursive timothy f. geithner you see on the right. here he is explaining why. >> i think on the dollar bill i had to write something that people could read my name. i didn't try for elegance. i just tried for elegance. >> because mrs. quigley, the first grade writing teach worry have given me an f on that. >> i took third grade in new delhi, india. >> whether it is foreign pen man szymanski instruction or something weirder, tim geithner's changed signature never got nearly the attention that his successor's signature received. all of the media got fix excavated on a signature that is loopier than tim geithner's original signature. this is jack lew. all signs point to president obama say i knowing him to replace tim geithner. and if he is nominated and confirmed, that will
confirming he will be nominated to replace outgoing secretary of treasury tim geithner. but can he get through the senate? that the question. john is here in new york with perspective on that. what do you think, john? >> yes, he can. he is liked across the political spectrum. he is an effective liberal serving tip o'neill in the past. but we know that second term cabinet are beginning to fall into place. we have had the national security members of the team named in the last few days but now jack lew will be named, we expect tomorrow, to replace tim geithner who has been wanting to leave for some time. here is what president obama gets, someone with vast experience in handling capitol hill and dealing with budget negotiations. he's been a part of almost lever r every big budget negotiation the last couple of decades. secondly, someone who will remain part of his inner circle and genial personality. what he doesn't get is the experience tim geithner brought, years of financial regulation. tim geithner headed the bank of new york. he doesn't have the ties to wall street that a wall stree
expected to nominate white house chief of staff jack lew to replace tim geithner. will that a make a deal on the debt easier or tougher? >> and constellation brands raising its estimates. the stock is one of the s&p's top performers of the year. not getting much of a bood boost at all though. will this push the adult beverage company even higher? don't miss our exclusive with the company's ceo, rob sands. that's coming up. >> and aig's board declining to join a controversial shareholder lawsuit against the government over the $1 will 2 billion bailout of the company. i'll get the inside story from the ceo of the company, bob benmosche joining me here exclusively in the 4:00 hour of the "closing bell." back in a moment. curb... make you a target for thieves? or that dog bites account for a third of all home liability claims? what if you didn't know that one in seven drivers is uninsured? and that grease fires have to be smothered? the more you know, the better you can plan for whats ahead. get smarter about your insurance. ♪ we are farmers bum - pa - dum, bum - bum - bum - bum ♪ [ male
of the treasury department. when we began this fiscal slope, curve, cliff discussion, tim geithner was involved, there was a sense jack lew would be involved. they were marginalized towards the end, and as glenn mentions, vice president biden was the guy to sweep in at the last minute to make the deal. congressional republicans sound like they don't really want to work with him. is that a problem for the administration? >> yes and no. the administration has done this in the past, you bring in the heavy to close the deal. it's like when you're trying to discipline your children, don't wait till your father gets home, you can kind of keep jack lew in the background to bring in him. there's a view of having someone who's strong, lew is not a fist pounder. lew derives his authority and respect from the command of the issues, and i don't mean the command of the issues, i mean the command of the numbers. he can dig down, divide fractions in his head. that's why he's a danger and threat to some house republicans. this isn't meant to be negative about the house republicans. they don't simply have sort
to nominate white house chief of staff jack lew as his next treasury secretary. succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know, may be a little affinity, we grew up in the same town. >> that alone could be good. >> different generation. >> maybe a technocrat is what's necessary. no one tells me this guy is acrimonious. the talks may have been. but when we're trying to figure out what to cut, maybe you just need a guy who knows his way around the budget as opposed to a federal reserve guy. i thought tim geithner did a great job, though, and i know i find myself in the minority on that, but he came to the rescue of the system in apparel husband time and i think he good a remarkable job. >> jack lew is well respected by both sides of the aisle. an
daley. >> and when tim geithner was picked, having worked closely with hank paulson at the federal reserve bank during the crisis, people were comforted by that. they said, well, maybe he's not so liberal. well, as it happened, larry summers was an advocate of more stimulus than others in the administration. so you can't necessarily read that much. events are going to dictate, i think, whether this president adapts his own view necessary a way that people interpret it as going to the center or not. but for the moment, he knows where he is and where he wants to go. and he's picking somebody who can help them achieve his agenda. >> you know, the thing you point out, that this is a situation where business leaders probably wanted one of their own, they may argue they want somebody in there looking for pro growth policies. but maybe more important is somebody who was very familiar with the financial markets. that was somebody that tim geithner created a lot of confidence because he knew the markets so well, knew the underworkings. and when there were big issues, you knew there was some
remaining stake in gm. >> the president could name a new treasury secretary to replace tim geithner as early as this week. former fdic chair sheila bair is here on what that could mean for the debt ceiling debate. >>> another day, another bank call. this one, though, in the opposite end of the spectrum from what we've gotten recently. credit suisse downgrading bank of america citing valuation cause for concern. pleasure to have you with us. >> thanks for having me. >> seems like the primary driver behind this is the huge run we've seen in bank of america, the fact that right now it's trading at a multiple of 2013 earnings that exceeds jpmorgan as well as citi. does that imply that where citi and jpmorgan are trading, is that where bank of america should be trading? >> no, it's not at all. because bank of america does have a lot of cost reduction opportunities. on 2014 estimates, it's only one multiple point difference than 2 1/2. it narrows over time. but the issue really is, you know, are those cost cuts going to come in a straight line and could there be any interruptions. >> this almost s
-- would it be fed chairman timothy geithner? tim is here to explain what he thinks tim geithner's next move is after treasury. >> forget the banks. the face's wealthier are increasingly turning to pawn shops for revolving lines of personal and business credit. details from this booming business from our very own jane wells a little later on in the "closing bell." impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> treasury secretary timothy geithner will formally step down two weeks from today, so what's next for him? steve liesman is here with an interesting take. steve? >> reporter: thanks, maria. geithner will stay at treasury until january 25th. unclear if that's going to mean a seamless tra
. >>gretchen: quick headlines. tim geithner getting ready to cash out. now we know who will replace him as treasury secretary. fox news confirming president obama is choosing jack lew. casey anthony lawyers will appeal today. anthony was found guilty of lying to detectives. >>steve: you might have said you liked it when you got it, but what do you do with all those christmas presents if you didn't really like them and don't really need them? don't feel bad because roughly 10% to 15 partly cloudy of all christmas gifts are taken back or exchanged. that adds up to nearly $88 billion worth of things. how can you turn your unwanted gifts into cash? we are joined by an expert, sandra smith. good morning to you. >> good morning. >>steve: for one reason or another we get stuff for christmas maybe we don't need. we've got four of those already. you've got a way you can make some money. >> you can open a closet and dedicate it to all those unwanted christmas gifts and use them throughout the year. maybe you get candles and soaps you may not want. however you may be going to a dinner party later
saving people getting their houses foreclosed upon. this was about rescuing the people that tim geithner and larry summers who spent their entire lives around. these are the people that -- these wall street companies who were about to all go under if they didn't get billions and billions of dollars tomorrow, and that's what -- >> the political argument that would come from the white house, you hear this a lot when you talk to them privately, and they say publicly to a degree is that all the problems aside with the bailout, they'll acknowledge that things didn't work well, that the mortgage rescue or leaf operations were really bad. that's one of the things that obama says is one of his big regrets of his first term, but putting all that aside, if you didn't prop up the system -- they were basically held hostage. if they didn't prop up the system in some form, all credit would sort of seize up and those start-ups that you would like to see would be even lower and that, yeah, we got into a mess where we're tied into this casino, crazy system, and if you -- but if you let it fall apart by n
. >> well, there is some hope. tim geithner had a messy signature in his past, but on the bill it's completely legible. looks like alexander hamilton. >>> next, aig has thought better about suing the federal government over the terms of the 2008 bank bailout. yes, the same taxpayer funded bailout that brought them $200 billion and saved them from bankruptcy. anyway, before the news of the potential lawsuit, aig launched an ad campaign thanking taxpayers for the bailout money. in light of the planned lawsuit, conan o'brien offered an alternative. >> aig, we said we were going to turn it around, and we did. >> we're now leaner and focused on what we do best. >> a profit of more than $22 billion. >> we turned it around. >> [ bleep ] you, america. >> [ bleep ] you, america. >> [ bleep ] you, america. >> from all of us at aig, seriously america, go [ bleep ] yourselves. >> it's tough to see how they even toyed with the idea of a lawsuit against the same government that saved them from bankruptcy. >>> next, if you're in congress and planning to oppose the next round of victims of hurric
of tim geithner. mr. lew is a government lifer. and john kerry well to the left of hillary clinton who was also recorded as rather hawkish as a senator. now hilda solis is resigning. not sure what that means, but as the president's moving further to the left in his second term. not a centrist. let's bring back karen finney, columnist for the hill. guy benson, and mark simone. guy, i think these appointments, all three of them, particularly, particularly hagel at defense, show a move to the left. what's your take? >> sure, i mean, of course they do, the president's a lefty, that's who he is. and now that he never has to face voters again, i think we'll see his administration drift even further to the left. i do see the lew appointment at least as an opportunity for republicans to highlight the fact that we have not had a federal budget in almost four years. and it is 100% the fault of democrats. a lot of americans don't know that. at least give guys like that a chance to really beat that drum. and one other thing, larry, i'm interested to see the labor department pick with solis on her
. they won't specify. the outgoing treasury secretary, tim geithner said, we have no plan. and as geithner always says, plan beats no plan. you have no plan. >> and the american people have no idea what they're talking about on this stuff. >> that i agree with. we're sending conflicting messages. >> it doesn't matter what people think about cutting spending. we have to. >> the polling data show by 75% the american people want spending cuts. i will say this. i may be wrong and you all may be right. but i think the g.o.p. is now migrating towards the spending sequester. including the defense and national security cuts. we're going to debate that in a few moments with general mccaffrey. but i think the gop is migrating there. i think that is exactly the right thing to do. and it shows a little bit of courage. and i think this letter from the four senators today, keith, all it says is waw waw waw we don't want to cut spending. >> that's what john boehner says. interesting rates are low now, inflation is low now. we're still recovering from an economic crisis. this is not the time quite honestl
that tim geithner is using right now to extend it are going to run out. republicans are saying absolutely, no rise in the debt ceiling without an equal number of spending cuts. democrats are saying we're not negotiating with you as all, because as whyte white house press secretary jay carney said look what happened when we tried that in 2011 it resulted in a credit rating downgrade. >> he will not negotiate with congress when it comes to the essential responsibility of congress to pay the bills that congress has incurred. it would be irresponsible to flirt with default. we saw what happened in the summer of 2011 when congress did flirt with default. >> and i think we can conclude from the fiscal cliff debate, maria, is that congress and the white house won't reach an agreement before they absolutely have to, and don't rule out possibility that the white house could yet invoke constitutional authority to unilaterally raise that debt limit if congress is not willing to play ball with them. >> we'll be wag. thanks very much. how far can washington push this debt ceiling fight before damage i
. and that's just not true. that's not what the obama administration has done. and tim geithner to his credit did not repeat that lie. so he's got a lot of problems and i agree, larry, i don't understand why the president keeps putting up people who are not qualified for the job. not only is he not qualified, you've got chuck hagel who he's trying to sell as a great infantry man. i love nurses, but they shouldn't be the head of hhs. we need qualified people with credibility with the other side. >> this whole thing's sort of this insider liberalism. >> right. >> it seems to me, ari, that's basically what jack is. he's an insider liberal, he's going to take his marching orders. you know, this administration runs everything from the oval office and president obama's ideology, which is a left wing ideology. i don't happen to share it. he won the election, i get that, but you just can't convince me that a jack lew or chuck hagel are first class appointments. they're not. nobody's going to buy that. >> how much time do i get to respond to jennifer's points? >> you get about 40 seconds. >> look, i t
of jack lew to replace tim geithner as the new treasury secretary. it's important to look at this in context of what it may mean for the debate on spending cuts as we approach this debt ceiling limit and the fight that is ensuing. tim get near is leaving january 25th. that means lew will be the main point person for this debt ceiling drama. so, what does this mean ahead of what is likely to be another hard fight? perhaps the best clues for that are in an op-ed from two years ago from jack lew. inis entitled "the easy cuts are behind us." the piece absolutely advocates getting out of our debt and getting the debt and deficit under control. but it does so by discussing some cuts in defense and then examples of scaling back things like something called the great lakes restoration initiative. not eliminating it, just cutting it by maybe a quarter of its present cost. a sav
a comprehensive review. highlights from the news conference coming up. what does the future hold for tim geithner for his model for tackling the problems? this morning's early movers here on wall street. where is flo? anybody know where flo is? are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price" tool. only from progressive. >>> take a look at the dow map. boeing one of the biggest losers at this hour. it is down by 1.8%. we continue to monitor the faa conference out of washington. we will bring you the latest as soon as we have it. bank of america, no surprise there. wells fargo earnings dealing with softness down as well. wells fargo is down by 1.8%. >> trying to accumulate during the break some analysis of wells fargo. they're saying, listen, 10% annualized loan growth, not as bad
. then what's next for tim geithner? a return to the private sector? or maybe another high profile public job at the fed. steve liesman will just a few minutes stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high praise. volt received the j.d. power and ass
that to tim geithner. >> you could have a great year based on currency fluctuation and horrible year based on things out of your control. >> the kinds of things we're selling, a lot of them are long term capital goods. fluctuations day-to-day are not a big impact. large businesses are more impacted by fluctuations. the larger project whether building power plant or airplanes is less impacted. >> are you frustrated in the slowness of getting trade deals done? >> we had three trade deals done and we're now executing them. we had a record deal in c colombia. still banks think of colombia 10 years ago, not 21st century. it's been a strong market for energy and small business. >> where are we in small business? what's the left you'd like to see done? >> free-trade agreements? >> yes. >> i leave that to the trade reps. i think trade agreements are hard to do. look how long it took to get the last three done. they're just really hard to do. there's a lot of discussion. what i'm really focused on is emerging markets where we step in at the export import bank and close those deals. seeing a lot of
Search Results 0 to 24 of about 25 (some duplicates have been removed)

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